Maybank Singapore’s Management is committed to delivering fair dealing outcomes to our customers. The Singapore Operations has implemented a Fair Dealing framework to promote and embed the fair dealing culture.
Over the last one year, we have significantly strengthened our internal processes and procedures for the sale and marketing of investment products.
These include the following:
1) Recruitment, training & remuneration structure of advisory representatives and supervisors
2) Product selection and approval process
3) Enhanced sales advisory process
4) Clear product information that customer can reasonably understand
5) Post sales - handling of complaints
Recruitment – We continue to adopt a high standard of selection criteria which includes academic qualification with relevant experience. Administration of in house assessment will be conducted during recruitment to better assess the competency level of the candidate.
Remuneration – Revised remuneration structure places greater emphasis on non-financial components such as meeting of compliance standards, sales & service quality, customer feedback/complaint and learning competency.
Training and Competency – Under the Bank’s structured training and competency programme, advisory representatives and their supervisors are required to attend at least 30 hours of continuous professional training every year and pass internal assessments set.
Product Selection and Approval Process – Product due diligence process has been enhanced with a more rigorous assessment framework.
Enhanced Sales Advisory Process – Customer information gathering process is refined to facilitate better customer profiling and needs analysis.
With the enhancements in place, customers can be assured of receiving advice that meets their financial objectives and needs while making an informed decision in selecting a suitable investment product.
The Bank has engaged PricewaterhouseCoopers LLP as the External Person ("EP") to review the action plan. Maybank Singapore has implemented the action plan taking into consideration the EP's recommendations and is committed to ensuring that the action plan is effectively implemented on an ongoing basis.
|
